CapitaLand Commercial Trust NPI up 2.1% to $321.22m in 2019

It received higher gross revenue from 21 Collyer Quay and Capital Tower in Q4.

CapitaLand Commercial Trust's (CCT) net property income (NPI) climbed 2.1% to $321.22m in FY 2019, according to a press release. Gross revenue grew 4.7% to $412.35m over the same period.

In Q4, NPI rose 3.3% YoY to $81.89m, whilst revenue expanded 8.9% to $107.8m, driven by higher gross revenue from 21 Collyer Quay, Capital Tower and contribution from its German office property Main Airport Center (MAC). However, lower contributions from Six Battery Road and Bugis Village dragged on revenue.

Distributable income for the quarter rose 5.5% to $87.6m, mainly due to lower interest costs and higher distribution of tax-exempt income attributed by the acquisition of MAC. This translates to a distribution per unit (DPU) of 2.28 cents.

The trust also leased about 398,000 sqft through renewal and new leases, the latter which made up 20% of the total.